The deal is finally done, and the finished version looks different than the one both teams shook hands on in June.
The Los Angeles Clippers and Toronto Raptors agreed to a Kawhi Leonard trade at the end of June, then spent two and a half months waiting while the league investigated the Clippers.
The deal that finally became official last Monday sends forward Kawhi Leonard back to Toronto for forward Brandon Ingram, guard Gradey Dick, first-round picks in 2031 and 2033, a 2027 first-round pick swap and two second-round picks.
With the ink dry, it is worth grading what each side actually got, because the finished deal reads differently once the league's punishment is part of the picture.
A trade that looked one way as a summer rumor looks different now that it has closed out the messiest story the league has seen in years.
Toronto's Side of the Deal
The Raptors bought the best player in the deal, and in the playoffs that is usually the whole argument.
Leonard is 35 and entering the final season of his contract, one that pays him $50 million this year, so Toronto is betting real money and real assets on a short window.
General manager Bobby Webster made the franchise's thinking plain when the club announced the deal.
"We're thrilled to welcome Kawhi back to Toronto. His impact on our organization, our city, and our country is undeniable, and he embodies the competitiveness and championship mindset that we value."
The risk is obvious, since Leonard's health has defined his last several seasons.
The reward is just as obvious, because he is a two-time Finals MVP and Toronto knows better than anyone what he looks like in June.
Giving up Ingram, who averaged 21.5 points per game last season, plus two first-round picks is a heavy price for an aging star, but Leonard sent a farewell message of his own on his way out the door, and Toronto clearly believes this roster is built to chase a title now.
Grade for Toronto, B plus.
What the Clippers Salvaged
Los Angeles never had leverage.
The league's September 2 ruling stripped the franchise of five future first-round picks and fined it $30 million, and the trade itself had been agreed to since June 30, so the whole league knew this partnership was over.
Getting back a proven scorer in Ingram plus Dick, two firsts and a swap for a player who was already out the door is solid work under the circumstances.
Ingram gives the offense a foundation piece, and the front office reportedly plans to keep him rather than flip him.
The picks replace a little of what the ruling took away, which quietly makes this trade part of the punishment recovery plan.
Grade for the Clippers, B.
The Only Grade That Counts Later
Trades like this get re-graded again in June.
If Leonard stays on the floor through the spring, Toronto wins the deal no matter what Ingram does, because banners outlast pick protections.
If his body gives out again, the Clippers will have turned a broken relationship into a young core piece and draft capital they badly need.
Both teams got what they came for, and only one of them needed a championship to justify it.
